Metalicity Limited (ASX: MCT) has secured a strategic and significant new tenement (E40/401), two km north of the historic Desdemona Mining Camp in the Eastern Goldfields of Western Australia, strengthening its land holding at the Kookynie Gold Project.
Managing Director, Jason Livingstone, said that through continued strategic observations of tenement activity and in conjunction with farm-in partner, Nex Metals Exploration Limited, the company moved to apply and has subsequently been determined for grant via a successful ballot draw, a significant land parcel through pegging approximately 600 hectares of available ground within the prolific Kookynie-Ulysses Trend.
With our multi-faceted approach to the Kookynie Gold Project of methodical exploration and development, coupled with our intent to consolidate and control a tenement package of highly prospective ground, we are pleased to present this recent tenement acquisition to Metalicity Shareholders and the market in general,” Mr Livingstone said.
“To be able to acquire such highly prospective ground through the application process managed by the Mines Department is a significantly cheaper methodology compared to the sales and acquisition process of purchasing tenure from other entities.”
“E40/401 presents a great opportunity to consolidate and further explore an area that is near a well- endowed and prolific gold region. This, coupled with our more near-term resource development type work at Leipold and the Cosmopolitan Gold Mine areas, we are making the right decisions and taking action to ensure the Company succeeds”
“Assays from our recent drilling programme at the Kookynie Gold Project are due in early March 2021. Initially, the presence of visible gold as previously announced in our first drill hole this year at the Cosmopolitan Gold Mine is incredibly exciting.”
Mr Livingstone said the drilling programme that commenced in late January 2021 is progressing well with two rigs operating and focusing on the Cosmopolitan Gold Mine and the Leipold Prospect.
The programme is ongoing, with seven holes having been drilled to date and submitted for analysis (three from Cosmopolitan – all have intersected the Cosmopolitan Structure, with the balance of four holes from Leipold which again, has intersected the structure down dip).
First assays, including the visible gold intersection returned from our first drill hole this year at the Cosmopolitan Gold Mine, are scheduled to be returned in early March. A further six holes from Leipold will be submitted this week, with expected assays mid to late March.